XML 29 R15.htm IDEA: XBRL DOCUMENT v3.21.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The carrying value of our Cash and cash equivalents, Accounts receivable, net, Accounts payable and Accrued expenses approximate their fair value due to the short-term nature of these financial instruments.
As of March 31, 2021 and December 30, 2020, we held certain assets that are required to be measured at fair value on a recurring basis including our Marketable securities, which consist of investments in equity securities. Fair value of these investments is measured using Level 1 inputs (unadjusted quoted prices in active markets for identical assets). The carrying value of these investments in equity securities approximates fair value.
Our assets measured at fair value on a recurring basis as of March 31, 2021 and December 30, 2020 were as follows:
Fair Value Measurements
March 31
2021		December 30
2020
Level 1Level 1
Equity securities:
Mutual funds$40,914 $36,887 
Total Marketable securities$40,914 $36,887 
Refer to Note 6, Debt, for the fair value of the Company's outstanding debt instruments.
A summary of Other income (expense) from equity securities recognized during the thirteen weeks ended March 31, 2021 and March 25, 2020 is as follows:
Thirteen Weeks Ended
March 31
2021		March 25
2020
Equity securities:
Dividend income$74 $184 
Realized gain (loss) on sale of investments— 79 
Unrealized gain (loss) on equity securities(46)(356)
Total$28 $(93)
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Assets and liabilities that are measured at fair value on a non-recurring basis include our long-lived assets, operating lease right-of-use assets and indefinite-lived intangible assets. During the thirteen weeks ended March 25, 2020, we recognized an impairment charge of $1,132 at one location. Of the total impairment charge, $736 was attributed to property and equipment held and used, $383 was attributed to operating lease right-of-use assets, and $13 was attributed to finance lease right-of-use assets. The asset impairment charge was included in Impairment and loss on disposal of assets on the Condensed Consolidated Statement of Income (Loss). The fair values of assets were determined using an income-based approach and are classified as Level 3 within the fair value hierarchy. Significant inputs include projections of future cash flows, discount rates, Shack sales and profitability. There were no impairment charges recognized during the thirteen weeks ended March 31, 2021.